Several oil and gas stocks opened higher in Hong Kong trading. At the time of writing, PETRO-KING (02178) rose 10.89% to HK$0.275, SHANDONG MOLONG (00568) increased 6.35% to HK$9.05, and SINOPEC SSC (01033) advanced 3.45% to HK$0.9. The gains follow a significant surge in international oil prices on the morning of April 13, with prices again breaking above $100 per barrel. Both WTI crude and ICE Brent crude rose more than 9% at their intraday highs.

The escalation stems from failed negotiations between the US and Iran in Islamabad, which concluded on April 12 without an agreement, leading to heightened tensions in the Strait of Hormuz. On April 12, former President Trump stated that the US Navy would begin blocking all vessels attempting to enter or exit the Strait of Hormuz, intercepting and inspecting in international waters any ships paying transit fees to Iran, and clearing naval mines laid by Iran in the strait.

The US Central Command announced on April 12 that, pursuant to a presidential proclamation, a blockade on all maritime traffic entering or leaving Iranian ports would take effect starting at 10:00 AM Eastern Time on April 13. Additionally, citing informed sources, it was reported that the former US President and his advisors are considering resuming limited military strikes against Iran while enforcing the blockade of the Strait of Hormuz.